So, was $34 million way too much or not enough?
http://classicmotorsports.net/news/381-million-ferrari-250-gto/
If you have that much money and want a GTO, do you pay "just a few more million" for one with more racing pedigree?
The car was sold without reserve, too. I was so planning on steeling it.
Way too much. I know it's the best car ever (seriously, I really do think it's the best car ever) but at the end of the day it is a car! I just can't fathom paying that much money for a car. I love cars, I make my living writing about them, and I own too many of them. But I still can't see ever spending that much for one.
You can't think of it as buying a car. This is buying art.
pushrod36 wrote: You can't think of it as buying a car. This is buying art.
I think that's part of it. I think there's also some competition in there.
pushrod36 wrote: You can't think of it as buying a car. This is buying art.
It's also buying an investment. If you had millions to invest, and desired the biggest return, collector cars often do better than art, stock markets or real estate. Much to the demise of car guys, who appreciate these for what they are. They're cars, and deserve to be driven!
I am friends with the man who owned GTO #3987, who sold it to Alain De Cadenet, who later sold it to Ralph Lauren. I'm not sure what it sold for, but it was in a few races back when new.
I am mixed on the prices. It's a beautiful car, it's pure rolling sculpture, but it's also puzzling to me as to how much it's "worth". I guess to answer your question...nothing. I would rather have the Breadvan.
It's worth what someone is willing to pay for it and can afford. If I were a billionaire and $38M wouldn't really affect my spending money that much, then yeah - I'd pay that much for one. People in that tax bracket get to play by a different set of spending rules than those of us in the poor people bracket.
The selling price does make you wonder how much some other uber-rare cars might sell for right now. When Mecum sold one of the original Daytona Cobras (one of 6 vs. 38 GTO's built), it apparently sold off-auction for under $10M. But that was back in '09 when the market was pretty soft/cold. Or imagine if one of the three Aston Martin DBR1's were to come up for sale.
The scary thing is the Simeone Museum has one of each (plus a '58 Testarossa and a D-Type). I do hope the insurance has been adjusted. 
What appears to be happening is that non-enthusiast consortiums are buying these ultra-expensive cars as pure investments. This car was bought by a European group who will-- no doubt-- ship it directly to Ferrari to have the car perfected according to Ferrari Classiche standards. Then I'd look for it to be on sale again in a couple of years for $50-$60 million. Not a bad return on investment. It's a bummer we won't see it on track--- or perhaps ever again, but that's the nature of the high-end car world these days.
and no---- I don't think any car....ever is worth that kind of $$$. Of course I don't think LeBron is worth $200 mil either--- so what do I know. 
Monterey is surreal.
"All of it" is the correct answer.
If I ever had $34M to buy a Ferrari GTO I would insist on jumping in it and ripping donuts with my new car right there on stage. What they gonna do? I'M RICH BEOTCH!
Wait, what was the question?
Junkyard_Dog wrote: If I ever had $34M to buy a Ferrari GTO I would insist on jumping in it and ripping donuts with my new car right there on stage.
I am of a like mind on this matter. The car would probably end up on four flat tires in the woods when I was done with it. I have no heirs, so would like to live on as a good story.
Joe Gearin wrote: What appears to be happening is that non-enthusiast consortiums are buying these ultra-expensive cars as pure investments. This car was bought by a European group who will-- no doubt-- ship it directly to Ferrari to have the car perfected according to Ferrari Classiche standards. Then I'd look for it to be on sale again in a couple of years for $50-$60 million. Not a bad return on investment. It's a bummer we won't see it on track--- or perhaps ever again, but that's the nature of the high-end car world these days. and no---- I don't think any car....ever is worth that kind of $$$. Of course I don't think LeBron is worth $200 mil either--- so what do I know.
It's like 1989 all over again. I'll just wait for the crash and pick it up for cheap. The problem with the first crash however was that the cheaper cars didn't get as affected. I need the price for say a GTV to drop significantly!
Back on topic, I have had the pleasure of seeing a real GTO in action, and while I loved it, there is no way, no how any car is worth that kind of money. It would have to be viewed as an art object, and if so, why would it ever be driven in anger? Such a waste.
Back to the one I saw. It was at a vintage race in the early '90's and I had a quick conversation with the guy that owned it. He flogging the crap out of it, and it was expensive even then. His comment was that he paid $10,000 for it in the late '60's and that was all it worth to him. If he sold it for what, the million it was going for then, he'd have to spend the million to buy another. So to him, a $10k car it was. I thought that was a good way to look at it, and he was having a blast with it. I wish I remembered his name and could see what happened to the car.
Interesting comment by Racerdave600, and that brings us to the real issue that affects us mortals. We don't see these cars on the track anymore. Steve Earle (the car enthusiast from CA, not the unkempt left wing folk singer) started the "vintage racing" movement 40 years ago. He organized an event in the summer of 1974 at Laguna Seca that would come to be known as the Monterey Historics. The reason? He had a bunch of friends who had old obsolete race cars in their garages and barns that weren't competitive with contemporary 70s era cars, Ferraris, Maseratis, etc. They weren't worth anything in those days. Why not use them? So he brought them together. Racers outnumbered spectators at that first gathering, but the rest as they say is history. Now it's gone full circle. They're not on the track anymore, but for a different reason than 40 years ago. For 30 years or so we enjoyed watching Ferrari GTOs and other exotics at the vintage races. (There were 20+ GTOs at the Historics in 2004). But at the current prices that's just not practical anymore. The cars are back in the garages and barns.
I wouldn't say that's completely the case Gary. I raced against Tom price in his '62 Ferrari 250 GTO this spring in the Sonoma Historic Festival. He also actively compaigns his Jaguar C Type and Astin Martin DB4 Zagato. If you got the money to play, then you can afford to fix them when required while vintage racing.
its art... its competitive pedigree... its a Ferrari.... 
Gary wrote: Interesting comment by Racerdave600, and that brings us to the real issue that affects us mortals. We don't see these cars on the track anymore. Steve Earle (the car enthusiast from CA, not the unkempt left wing folk singer) started the "vintage racing" movement 40 years ago. He organized an event in the summer of 1974 at Laguna Seca that would come to be known as the Monterey Historics. The reason? He had a bunch of friends who had old obsolete race cars in their garages and barns that weren't competitive with contemporary 70s era cars, Ferraris, Maseratis, etc. They weren't worth anything in those days. Why not use them? So he brought them together. Racers outnumbered spectators at that first gathering, but the rest as they say is history. Now it's gone full circle. They're not on the track anymore, but for a different reason than 40 years ago. For 30 years or so we enjoyed watching Ferrari GTOs and other exotics at the vintage races. (There were 20+ GTOs at the Historics in 2004). But at the current prices that's just not practical anymore. The cars are back in the garages and barns.
Not entirely true Gary. Rob Walton tracks his Cobra Daytona Coupe at the Monterey Historics, and there are always D-Types, Pontoon-fendered Testarossas and other priceless machines running----at speed---during the Monterey weekend. Fortunately not all of the mega-$$ cars are hidden away.
I've never been fortunate enough to go to Monterey but I did get to see a couple of D-Types race once. I would sell everything I have for one of those. It's hard to overstate how much grace they have on track. Perfect slip angles, beautiful, and awesome noises...to me, its one of the most perfect race cars of all time. Wait...what was our topic...
What if you did not know it was a Ferrari?
I am willing to bet that if most of us were put in the car blindfolded and drove it with some kind of blinders no knowing what it was, the objective review would be "What a pile of crap! Not saying it would not be fun, but I bet few would put up more than a few thousand bucks to own the experience.
NOHOME---- I'd be willing to bet that even blindfolded most of us would immediately know that it was a Ferrari as soon as the engine lit up! 
And to be fair---- the 250 GTOs were supposed to be very very nice cars to drive. Not modern, but very enjoyable, and usable. Not that I've ever had the chance! 
Its art? Bull tweet. Its still just a car, even at that price.
No more (or less) than some old woman with her hands crossed and smirky smile painted on some canvas.
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